Which Home Improvements Add The Most Value?
With the bank holiday season upon us, many home owners are getting the DIY bug; even I pulled out a paint tin over the Easter bank holiday.
Home improvements are not cheap and, depending on the size of the project, you may consider taking out a loan for the home improvements. You certainly aren’t alone; last month Nationwide reported a 69% increase in the number of loans for home improvements from the 2nd half of 2007 to 2012; this indicates the growing trend for home owners to improve their current home rather than buying a new one.
If you are considering taking out a loan to improve your home; here are some ideas to add the most value to your property:
- Adding extra space will always add value to your property. On average adding a new conservatory will add around £9,420, a loft conversion will add around £16,152 and a room extension will add around £15,665. You should keep an eye on the local market place to get an idea of what your property could be worth after you have added the space; it’s not worth getting a home improvement loan to extend the property if the work won’t add as much value as you have had to spend because it will end up costing you a lot more in the long run.
- Touching up the paintwork or redecorating your home can add up to £3,100. If you want to sell the property soon it is well worth redecorating using neutral colours rather than decorating to your own tastes, as this will appeal to potential buyers more. Taking out a small home improvement loan to cover the cost of painting could well be worth your while.
- Smaller jobs can add more value than you might think; replacing the carpets could add up to £1,738 to the value of your home. Replacing double glazing units and renewing guttering and soffits will give the property more curb appeal and entice more buyers and add value
Remember to do your homework before taking on any home improvement project, particularly if you are new to DIY. A botched DIY job will only devalue your property, so it may be worth spending a bit more and employing a professional if you are not confident doing the work yourself. If it will add enough value to your property, it may even be worth taking out a home improvement loan. Always ensure that you are adding more value than you are spending and you can’t go wrong when improving your home.
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